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Bank of Baroda Home Loan Balance Transfer

Home Loan Transfer to Bank of Baroda: Details

Last Updated 18th Jan 2022

Interest Rate6.50%
Processing Fee₹ 10,030
Lowest EMI per lakh₹ 632
Loan Tenure30 years
  • Bank of Baroda offers a home loan balance transfer facility at low interest rates starting at 6.50% for a tenure of upto 30 years.
  • You can transfer your home loan to Bank of Baroda to reduce EMIs and save more on interest.
  • Avail home loan top up from Bank of Baroda at the time of loan balance transfer to fulfil additional fund requirements.
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Bank of Baroda Home Loan Transfer

Bank of Baroda, the largest Public Sector Bank in India, offers the facility to transfer your home loans from the existing scheduled commercial, private and foreign banks and housing finance companies to Bank of Baroda at the lowest interest rates. To transfer your housing loan to Bank of Baroda, you must have regularly paid the EMIs for a minimum tenure of 6-12 months and fulfil other eligibility criteria of Bank of Baroda.

Bank of Baroda Home Loan Balance Transfer Charges

Before you decide to transfer your home loan to Bank of Baroda, compare and calculate all the costs of loan transfer. The table below mentions Bank of Baroda home loan transfer interest rate and other home loan transfer charges of Bank of Baroda.

Bank of Baroda Home Loan Transfer Rates 6.50%
Processing Fees Minimum ₹ 10,030
Prepayment Charges Nil for individuals in case of floating home loan rates
Memorandum of Deposit of Title Deed 0.2%-0.5%

Features of Bank of Baroda Home Loan Transfer

Here are key features of the balance transfer scheme:

  • Lower Interest Rates: Bank of Baroda offers lower home loan rates starting at 6.50% along with ₹ 10,030 processing on home loans. Thus, you can save on your home loan by transferring your loan to Bank of Baroda.
  • Top-up Loans: If you have a good CIBIL score and fulfil the eligibility criteria of Bank of Baroda, you can also avail top-up loan above your existing home loan.
  • Extended Loan Tenure: With this Bank of Baroda home loan balance transfer facility, you can also extend the repayment tenure depending on your loan amount.

Eligibility for Bank of Baroda Home Loan Transfer

To transfer your home loan to Bank of Baroda, you must fulfil the following eligibility criteria:

  • First, you must have an existing home loan with any bank except for Bank of Baroda.
  • Second, you must have obtained a NOC (No-Objection Certificate) for transferring your home loan to Bank of Baroda.
  • You must be an Indian resident within the age criteria of Bank of Baroda. The minimum & maximum age to avail a Bank of Baroda home loan takeover is 21 and 60 Years respectively.
  • You must have paid more than 12 EMIs on your home loan.
    • Use Bank of Baroda home loan balance transfer calculator to estimate the best balance transfer offers and costs associated with it.

Process to Transfer Your Existing Home Loan to Bank of Baroda

The home loan balance transfer process to Bank of Baroda is smooth and quick. To transfer your existing home loan to Bank of Baroda, you need to follow the steps as mentioned below:

  • Submit the request to transfer your home loan to your existing bank by addressing a loan transfer letter. To place a request, you would also need to ask about the transfer of title deeds and other securities to Bank of Baroda upon receipt of the loan amount.
  • On the review of your application, your bank will issue a No Objection Certificate (NOC).
  • Submit the NOC to Bank of Baroda and request them to transfer your loan and pay off your outstanding amount to the existing bank.
  • Bank of Baroda will then validate the NOC, sanction your loan and pay off your dues to the existing bank.
  • Your existing bank will issue a confirmation letter stating the equitable mortgage over the property.
  • Your existing bank will close your loan account and cancel all cheques or standing instructions related to your loan.
  • Finally, your home loan transfer to Bank of Baroda will be completed.

Document Required for Bank of Baroda Home Loan Transfer

To avail of home loan balance transfer from Bank of Baroda, you need to submit the following documents to Bank of Baroda.

Documents Required Accepted Valid Documents
Application Form with Photo Application Form of Primary Borrower and Co-borrower(s)
Identity Proof
  • Valid Passport
  • Aadhaar Card
  • Driving License
  • Photo Identity card issued by Govt. body
  • Letter from a recognized public authority
Residential Proof
  • Valid Passport
  • Voter Card
  • Latest Utility bill
  • Rent agreement on stamp Paper
  • Life Insurance Policy
  • Residence address Certificate by an employer on company letterhead
Age Proof
  • Primary Borrower
  • Co-borrower(s)
Income Proof
  • Last 3 years’ Form 16
  • Last 6 months salary slip
  • Last 6 months’ bank account statement showing salary credit
Other Documents
  • Loan statement
  • List of property documents (LOD) in possession of the existing lender.
  • Last 12 months' statement of the bank account from which loan EMI is paid

FAQs

Is it good to transfer a home loan to Bank of Baroda?

Yes, transferring your home loan to Bank of Baroda is a good idea for home loan borrowers as Bank of Baroda provides lower home loan rates starting at 6.50%, and minimal processing fee Of ₹ 10,030.

How can I transfer my Bank of Baroda home loan from one branch to another?

To transfer your Bank of Baroda home loan from one branch to another, you can request through net banking/mobile banking. Bank of Baroda also allows the home loan transfer facility through phone banking by calling the home loan customer care.

Are there any charges while applying for Bank of Baroda home loan balance transfer?

Yes, Bank of Baroda charges home loan transfer fees. Apart from that, you would also have to pay prepayment/ foreclosure charges as per your existing bank. As the amount will be transferred to a new bank, the processing fee will also be levied accordingly.

What are the benefits of taking a Bank of Baroda home loan balance transfer?

If you apply for a home loan transfer to Bank of Baroda, you can clear off your existing home loan at lower rates and save more on interest. Besides that, it can also help you avail top-up on your existing home loan.

How can I check the status of my Bank of Baroda home loan balance transfer?

To know your Bank of Baroda home loan status, you can call Bank of Baroda home loan customer care number or visit Bank of Baroda official website to check the status.


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Bank of Baroda Home Loan News - Jan 2022
  • 2021-12-14 : Bank of Baroda Introduces Wearable Products for Small-ticket payments.
    Bank of Baroda has launched wearable products for making payments up to Rs 5,000. These products will allow you to make payments without a PIN while shopping on the PoS machine.
  • 2021-11-11 : Bank of Baroda Reports Profit in Q2
    Bank of Baroda has reported a 24% year-on-year rise in standalone profit for quarter two. As a result, the profit increased from ₹1,679 crore to ₹2,088 crores.
  • 2021-09-17 : Bank of Baroda Slashes Home Loan Interest Rate
    Bank of Baroda (BOB) has introduced a festive offer #KhushiyonKaShreeGanesh. The lender has reduced the home loan interest rate to 6.75%. Along with a slashed interest rate the bank has also waived off processing fees.
  • 2021-09-06 : Bank of Baroda is offering a promising home loan
    Bank of Baroda is offering attractive offers on home loans. The lender is offering lower interest rates and longer tenure. A borrower can loan approved within 30 minutes digitally.
  • 2021-08-09 : Bank of Baroda posts Q1 profit of Rs 1,209 crore
    Bank of Baroda has clocked a standalone profit after tax of Rs 1,209 crore in the quarter ended in June 2021 on higher growth in net interest income (NII) and lower provisioning for bad loans. The bank reported a net loss of Rs 864 crore on a standalone basis in the corresponding quarter of the previous fiscal.
*Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
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